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Islamabad

Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Dar directs FBR to develop master plan for integrated transit trade system

ISLAMABAD: The Federal Minister for Finance Senator Mohammad Ishaq Dar directed Federal Board of Revenue to chalk out a comprehensive master plan for implementing Integrated Transit Trade Management System (ITTMS) for both land and sea ports. In the first meeting of the Steering Committee on Integrated Transit Trade Management System (ITTMS) on Friday, the Finance Minister directed the committee to ... Read More »

Phasing out concessionary regime: Withdrawal of SROs likely in budget

ISLAMABAD: The government is likely to announce withdrawal of Statutory Regulatory Orders (SROs) and allow reduced duty/tax rate across the board for selected sectors or commodities in the federal budget 2014/15. The committee formed by the Finance Ministry to phase out the SRO culture has recommended the withdrawal of the notifications where about 80 percent of imports of specific sector ... Read More »

Islamic Mode of Financing: PBA for amend to 7th Banking Schedule

ISLAMABAD: The Pakistan Banks Association (PBA) has proposed amendment to Seventh (Banking) Schedule of the Income Tax Ordinance, 2001 to treat Musharakah, Modaraba, Murabaha, Musawama, Ijarah, Istisna and Salam as financing transactions and not trading activities, i.e sale/purchase transactions. In its proposals for budget 2014-15, the PBA said that the State Bank of Pakistan (SBP) has approved Musharakah, Modaraba, Murabaha, ... Read More »

17pc sales tax: Low tax-to-GDP ratio may not allow ST rate slash

ISLAMABAD: Low tax-to-GDP ratio has left the government with no option but to keep the sales tax rate, the major source of revenue collection, at the current 17 percent. The Federal Board of Revenue (FBR) has reportedly conveyed to the parliamentarians in writing that in view of existing tax-to-GDP ratio, no decrease in the sales tax rate could be made ... Read More »

Gwadar ‘free port’ to be a game changer for whole region: Nawaz

GAWADAR: Prime Minister Nawaz Sharif on Thursday said the current government plans to develop Gwadar as a ‘free port’ on the lines of Dubai, Singapore and Hong Kong ports. The Planning Commission has been tasked with an exercise to hire international consultants for this purpose. The Prime Minister said the government had a broad-based plan for the development of Gwadar ... Read More »

Ali Salman Abbasi assumes charge as Member (Enforcement & WHT), FBR

ISLAMABAD: Ali Salman Abbasi (PCS/BS-21) has assumed the charge of the post of Member (Enforcement & WHT), Federal Board of Revenue (Hq), Islamabad. He had relinquished the charge of the post of Director General, Directorate of Training & Research (Customs), Sub office, Lahore w.e.f. 21-04-2014. Read More »

Govt withholds Rs97b refunds, admits FBR chief

ISLAMABAD: The top taxman of the country admitted on that the government was withholding Rs97 billion refunds of taxpayers – an amount if extracted from latest collection brings actual growth in revenues to a level that is even below the nominal rate of national output. “The total payable refunds to taxpayers are Rs97 billion,” said Federal Board of Revenue (FBR) ... Read More »

PM visits Gwadar port today

ISLAMABAD: Prime Minister Nawaz Sharif will reach Gwadar today to review progress on the deep-sea port, located at the apex of the Arabian Sea and at the mouth of the Persian Gulf. The premier will also chair a high-level meeting in the province for reviewing the economic corridor at Gwadar. Chairing a federal cabinet meeting recently, Prime Minister Nawaz Sharif had ... Read More »

Dar takes credit for success: 3G, 4G auction fetches $1.1b

ISLAMABAD: The government raised more than $1.1 billion in its long-delayed auction of next-generation telecommunications licences, snapped up by the country’s four existing mobile network providers. The government sold off four licences to provide 3G services, which allow broadband-speed internet on mobile phones, and one for superfast 4G connections. The total is close to the $1.2 billion estimated for the ... Read More »

17pc ST being charged on CNG supply: Bajwa

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Tariq Bajwa said that the government was charging 17 percent sales tax on supply of CNG to consumers. He informed the Senate Standing Committee of Finance that the government was charging supply of CNG at the general sales tax rate of 17 percent of value of supply of CNG to consumers instead of ... Read More »

Wizards fail to woo MPs: Senate body rejects ST Amend Bill

ISLAMABAD: Sensing violation of the Supreme Courts orders, the Senate Standing Committee on Finance rejected Sales Tax (Amendment) Bill 2014, saying that it will put additional sales tax burden on consumers through CNG stations. The committee chaired by Senator Nasreen Jalil decided not to recommend tabling of the Sales Tax (Amendment) Bill 2014 in the National Assembly. The committee members ... Read More »

Rs 58m sales tax fraud: Q Mobile clears Rs40m after accountant’s arrest

ISLAMABAD: FBR Official Spokesperson and Member Inland Revenue Shahid Hussain Asad has confirmed that Q Mobile accountant was apprehended during a raid by Directorate of Intelligence and Investigation-Inland Revenue, Karachi in a sales tax fraud of Rs 58 million. Giving further details about the arrest and recovery made by the directorate, Shahid Hussain Asad revealed that Q Mobile accountant, whose ... Read More »

Fruit export volume can be enhanced by following int’l standards: Dastgir

ISLAMABAD: Federal Commerce Minister Khurram Dastgir has said that Pakistani fruit exporters can enhance export volume of fruits if they follow international standards. For this purpose, he emphasised the need for launching an awareness campaign for mango farmers in particular. He said this while chairing a meeting on mango export at the Ministry of Commerce. Federal Minister for National Food ... Read More »

Blockage of Rs415b ST refunds questioned: Senate’s body doubts increase in revenue collection

ISLAMABAD: Members of the Senate Standing Committee on Finance took Finance Minister Ishaq Dar to task for his claim regarding 17 percent growth in revenue collections, contending that it was achieved by blocking sales tax refunds of Rs415 billion. The committee which met with its Chairman Senator Nasreen Jalil in the chair, also summoned tax authorities to explain why sales ... Read More »

Rs674b target for last quarter: FBR needs century to meet April revenue target

ISLAMABAD: The Federal Board of Revenue needs to collect Rs674.11 billion during the last quarter (April-June) of the current fiscal year to achieve the revised revenue collection target of Rs2,345 billion. As per details, the FBR has provisionally collected Rs1,670.89 billion during July-April 22 against Rs1,449.79 billion in the corresponding period last year, recording 15.3 percent increase. In April, the ... Read More »

100th NMC participants visit FBR

ISLAMABAD: A group of fifty three senior civil servants undergoing the 100th National Management Course (NMC), along with the Rector, Dean and the faculty of the National School of Public Policy (NSPP) visited FBR House on Tuesday. The group was welcomed by Member Facilitation & Taxpayers’ Education (FATE) Ms. Riffat Shaheen Qazi. She briefed the visiting officers and faculty of ... Read More »

Duties to be lifted to contain food price hike: Dar

ISLAMABAD: Finance Minister Ishaq Dar has warned that taxes/levies on import of potatoes will be lifted to bring its price to around Rs 30 per kg if hoarders/speculators did not bring prices to the normal level within three days. Finance Minister made these remarks while chairing a meeting to review prices of agricultural products in the country. He took notice ... Read More »

Anti-Money Laundering Act: FBR urged to compile list of tax offences

ISLAMABAD: The Finance Division has asked the Federal Board of Revenue (FBR) to provide a list of serious tax crimes related to sales tax, income tax and FED to be declared as predicate offences under Anti-Money Laundering Act, 2010. In this regard, the Finance Division will convene a meeting of the working group to decide about serious Inland Revenue and ... Read More »

Bajwa to meet provincial revenue heads on 23rd

ISLAMABAD: Federal Board of Revenue Chairman Tariq Bajwa will meet heads of provincial revenue authorities of Punjab, Sindh and Khyber Pakhtunkhwa to discuss issue of federal excise duty and sales tax on identical services. The meeting is scheduled to be held on April 23, 2014 at FBR House. The services include telecom, franchise, royalty and other certain services. The meeting ... Read More »

ST on packing materials, chemicals: Bajwa assures textile exporters to revise refund benchmark

  ISLAMABAD: The Federal Board of Revenue has assured the textile exporters of revising the benchmark for issuance of sales tax refund on packing materials, chemicals such caustic soda and other accessories used in processing of exportable goods. FBR Chairman Tariq Bajwa made the assurance to the exporters during a meeting with members of Pakistan Textile Exporters Association (PTEA) here. ... Read More »